Amid concerns over high denomination notes being more conducive for easier flow of illicit wealth, Switzerland today said the circulation of 1,000 Swiss franc bills rose significantly in 2015.
The rise in circulation of 1,000 denomination notes also comes against the backdrop of calls to curb the use of high value currencies as that could make it easier for entities involved in illicit fund flows.
The total value of notes, having a denomination of 1,000 Swiss francs in circulation, soared over 11 per cent to USD 45.21 billion Swiss francs at the end of December 2015, according to data compiled by the Swiss National Bank (SNB).
In comparison, the total value of such notes in circulation at the end of 2014 stood at 40.54 billion Swiss francs.
The central bank embracing a negative interest rate regime has also been a trigger for the spurt in the circulation of 1,000 Swiss francs notes.
The use of these notes went up as well as came down during some months in 2015.
While the total value of such notes in circulation stood at 40.54 billion Swiss francs in December 2014, the same declined to 40.36 billion Swiss francs in January 2015.
Then the value was on an upward trajectory till June 2015 when it touched 41.84 billion Swiss francs before the same slipped to 41.76 billion Swiss francs in July.
Since then, the total value of these notes has been on the rise and a substantial spurt was seen in the last two months of 2015, as per the data.
The value of notes, having the denomination of 1,000 Swiss francs, climbed from 43.30 billion Swiss francs to 45.21 billion Swiss francs in December end.
On the other hand, the use of notes with the denomination of 500 Swiss francs notes fell last year.
Switzerland has been facing international pressure in the fight against the black money menace as Swiss banks have been perceived as safe havens for stashing away illicit wealth.
